Future Bridge is excited to welcome you to the Power Price Forecasting Summit in June 2022.
The two days business network-oriented event will create a platform for in-depth discussions, insights, exchanges, benchmarking, and addressing industry challenges. Leading industry experts from analytic departments from power generation and energy trading companies, energy utilities, and electricity TSO / DSO will shed light on deliberate strategies to improve electricity price forecasting techniques. Specifically for the day-ahead and intraday forecasting for electricity markets, price modelling, and long-term electricity price analysis.
For the past two years, the energy markets have experienced unprecedented volatility. Due to the economic turmoil caused by the COVID-19, geopolitical tensions, and changes in demand with the transition to carbon-free, Energy markets have seen a rise in negative and record prices. The Clean Energy package 2030 will speed up the shutting down of thermal and nuclear baseload generation which will tighten the supply. The process of recalibration has started in 2021 and will continue bringing us to the question; will energy markets recover by the end of 2022?
Carbon emissions regulations are getting stricter on the way to reaching net-zero by 2050. The “Fit for 55” package the EU’s recent environmental measures imposing the overall goal to reduce greenhouse gas emissions by 55% by 2030 including the number of different mechanisms as well as tax measures, which are supposed to take effect from 2023 after acceptance by the Member States. This all implies a tightening of the EU Emissions Trading System (EU ETS, or ETS) and EU Effort Sharing Regulation (EU ESR) targets.
The European power producers must consider that a key climate policy to drive the decarbonization of the power sector and heavy industry is the EU ETS. Therefore, the share of input from RES is growing, and according to the central results of the Potsdam Institute for Climate Impact Research (PIK) research on project Future of Fossil Fuels stated that tightening the EU ETS target (−63% instead of −43% in 2030) speeds up transformation by 3–17 years. This does not only impact RES expansion, which reaches >70% by 2030 but also leads to almost complete coal phase-out by 2030 and gas phase-out by 2040 across Europe.
With the increase in energy supply volatility there emerges a greater need for better power price forecasting analysis.